Portfolio Update

Graphite Enterprise Trust PLC
04 January 2005


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                 4 January 2005


Graphite Enterprise Trust PLC (the 'Trust') announces that the ten largest
investments at 30 September 2004, the most recent date at which the portfolio
valuations have been reviewed by the Directors, were as set out below.  All
investments representing more than 5% of the gross assets of the Trust are
included.


Company


ICG Mezzanine Fund 2000

Hicks Muse Tate & Furst Europe Fund

Jane Norman

Intermediate Capital Group

U-POL

Deutsche Beteiligungs AG IV

Corpfin Capital II

Huntress Search

Computacenter

Standard Brands


The Trust announces its net asset value quarterly, with any movements in the
valuation of individual unquoted holdings that are material to the Trust
announced as they occur.

                      This information is provided by RNS
            The company news service from the London Stock Exchange